Income-tax Act, 1961
Section - 80-IB - Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings
Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings.80-IB. (1) Where the gross total income of an assessee includes any profits and gains derived from any business referred to in sub-sections (3) to (11), (11A) and (11B) (such business being hereinafter referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to such percentage and for such number of assessment years as specified in this section.(2) This section applies to any industrial undertaking which fulfils all the following conditions, namely :-
| (i) | - | it is not formed by splitting up, or the reconstruction, of a business already in existence : |
| - | Provided that this condition shall not apply in respect of an industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, in the circumstances and within the period specified in that section; | |
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